The singer issued a statement to E! Online that she will no longer play the leading lady in the Hollywood remake due to her busy schedule coliding with filming.
"For months we tried to coordinate our schedules to bring this remake to life but it was just not possible," the statement reads.
Adding that she hoped in the future she would get a chance to work with the Hollywood actor on another project.
"Hopefully in the future we will get a chance to work together," Bey added.
It is yet to be announced who will replace the 'Love On Top' singer, with film makers Warner Brothers still to comment on the star's departure.